Updated Oct 29, 2024
Rockport Mortgage Corporation Provides $19M Loan For Residential Property In New Bedford
231 Middle Street, New Bedford, MA, USA
$19,000,000
$187/SF
Building Size
101,289 SF
Asset Type
Co-Op
Closing
Jun 28, 2020
About this deal
AI
A residential property located at 231 Middle Street in New Bedford has been involved in a closed transaction. The deal, which took place on 06/29/2020, was facilitated by Rockport Mortgage Corporation, with Dan Lyons representing the lending side. The loan amount for this transaction was $19,000,000, and the property consists of 157 units.
Summary of transation details
- Property Type: Residential
- Transaction Amount: $19,000,000
- Address: 231 Middle Street
- Market: New Bedford
James Sullivan, representing Kempton New Bedford, played the role of the landlord in this deal. On the other hand, Chrystal Kornegay from MassHousing acted as the broker. It's worth noting that Chrystal Kornegay represented the buyer or seller in this transaction.
Players
New Bedford Co-Op Market Snapshot
Boundary boundary · Co-Op · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93